Marcus & Millichap closed the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent apartment properties of 168 units and a 2,400-square-foot office building in Mishawaka, Indiana.
After receiving 20 offers, eight being at or above list price, the asset sold for $5.055 million.
Scott Harris, senior managing director investments, and Samuel McCarthy, an associate, in Marcus & Millichap’s Chicago Oak Brook office exclusively marketed the property on behalf of the seller and represented the buyer. Josh Caruana assisted on the transaction as the broker of record in Indiana.
Cedar Crest Apartments and Jefferson Estates are located at 544 W. Jefferson Blvd. along the Mishawaka-South Bend border. Cedar Crest Apartments is a 56-unit property comprised of 30 one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units, 16 two-bedroom/one-and-one-half bathroom units and eight two-bedroom/two-bathroom lofts.
Jefferson Estates is a 112-unit property comprised of 56 one-bedroom/one-bathroom units and 56 two-bedroom/one and one-half bathroom units.
The properties feature a swimming pool, club house, covered parking and on-site laundry facilities.